Member

We have made this point before, including at Second Reading. Such a framework should be in place as a matter of urgency, certainly before any mandation powers are exercised. The principle is simple: if savers are to remain in or move away from default arrangements once mandation is introduced, they must be able to see clearly the costs, the risks and the benefits of the alternatives that are available to them. We believe, therefore, that transparency is not an optional extra but a precondition for informed choice, particularly when the Government begin to dictate the terms of asset allocation in default funds.